Do you know there are lots of businesses you can start with fifty thousand Naira? Find out more as you read on.
For the past few years, the Nigerian market has opened up to smaller businesses, which has improved the economy in the long run.
With a population of over 200 million, international and local companies have been able to build successful businesses.
Despite the economic downturn due to the pandemic, research has proven that this is the best time to start a new business is in times of economic crisis and financial meltdown.
So, if you have been deliberating on starting your own small business, it’s high time you started. You might be in a state of dilemma because you think your capital is too small to start any business.
Well, let us shock you by saying no capital is too small to start a business. You can start a successful business with 50,000 Naira in 2020.
Surprised?
The year is not over yet; you can start that business today. The next question that might come to mind is, what business can you start with such an amount, especially in this economy?
Also, Read 5 Important Skills Every Entrepreneur Should Know In 2020
50 Businesses You Can Start With Fifty Thousand Naira
In this article, we’ll be highlighting 50 businesses you can start with fifty thousand Naira in 2020. You’ll be shocked to see some of the business you thought you needed hundreds of thousands to start.
In no particular order, here’s a list of businesses you can start with fifty thousand Naira.
1. Recharge card vendor
This is one of the most lucrative businesses in Nigeria. The fact that almost everyone in Nigeria uses a mobile phone is enough to help you make sales daily.
If you position yourself in a busy environment, high sales and profits are certain. Guess what?
You can start this business with fifty thousand Naira.
For this business, all you need to start is an umbrella, two plastic chairs and a table, all of which can be gotten with fifteen thousand Naira or less.
Also, you need to buy recharge cards from reliable wholesalers. With about fifteen to twenty thousand Naira, you can get a large chunk of recharge cards and you can start sales.
2. Baking business
Nigerians are lovers of pastries and cakes. Taking advantage of the number of people who consume this daily will have you smiling to the bank.
No party in Nigeria is complete without small chops or cakes. From weddings to birthday parties and graduations, cakes or pastries are needed at these events.
Who says you have to rent a shop to start? You can start this business right from your kitchen on a small scale with cupcakes, puffs and others.
3. Catfish Farming
This business is indeed profitable in Nigeria, and many can attest to that. Although it is quite important to understand the basis of the business and how to care for the catfish.
Starting catfish farming on a small scale with 50 thousand Naira, all you need are 2 big drums, access to water, some fingerlings, and feeds.
When they’re mature, you can sell at a high price.
4. Popcorn Production
Making and selling popcorn is one of the most profitable businesses that people tend to overlook. You can venture into this business with fifty thousand Naira.
Getting the machine will cost you about forty thousand Naira; then you get the ingredients, which include corn, butter and sugar.
Your location matters influences sales when it comes to this business idea. We advise you to stay in a busy area, such as a popular bus stop or close to a large school.
5. Sales of bottled soft drinks and water
For you to start this business, you don’t even need up to thirty thousand Naira. It is one of the most common businesses in Nigeria.
All you need to kick off this business is a nice cooler and packs of different types of drinks. Again, the location affects sales.
6. Home cooking and delivery
Food businesses are in a class of their own when it comes to making profits. You can cook right in your kitchen and deliver it to people’s offices and homes.
From foods to soups and pastries, home cooking will have you smiling at the bank weekly.
7. Soap production
Soap production is one of the easiest businesses to start. You don’t need a whole village and hundreds of thousands to build a successful soap production business.
This business can start with fifty thousand Naira or less.
You can make liquid and bar soaps for washing, brand them, and distribute them to various supermarkets that pay a week after supply.
Distributing them to several homes, too, is very effective.
8. Plantain chips production
A large number of Nigerians consume plantain chips as a snack while they’re in traffic or making a road trip. This business is quite profitable.
You can start this business as a company by packaging it in an advance way and putting the label on it.
If doing it the right way you will get retailers coming to buy from you every day to sell.
9. Hair barbing salon
This is another good business that you can start with fifty thousand Naira. If you don’t have a shop, you could start at your house or offer home services.
All you need to do is buy is the basic tools needed for your craft like scissors, combs, brushes, etc.
10. Selling of perfume
This is a brilliant business venture that can bring you about 80% profit. You can start by buying perfume bottles of 3ml, 6ml, or 15ml in their bulk and sell them for double the price and make a good profit.
It’s best to buy at a wholesale price so you can make enough profit.
11. Tutorial centre
This is one of the serviced-based business that will get you a lot of money. To make it easier, you can start with home-service tutoring.
All you need to do is convince a few parents of your ability, offer the services in their homes, and get your pay at the end of the month or weekly.
You can also hold masterclasses on Facebook, WhatsApp or Zoom on some skills that you gained expertise for some penny.
All you need for this is your smartphone, data, and some good lightning.
12. E-payment and POS Withdrawal Agent
This business is increasing its popularity in Nigeria as many people seem to be losing their patience joining the queue at ATM booths.
People have started withdrawing from POS withdrawal agents around them to avoid the stress of standing on a long queue at the bank.
To start this business, get POS machine from your bank, and activate online banking. To make large sales, get your location right.
13.Bedsheet/Bedding sales
One thing people don’t like is stress, you can help them reduce that by providing bedsheets and other beddings at an affordable price.
This business is very lucrative and you don’t need to have a shop to start. You can go to the market and get a wholesale price, then sell at an affordable retail price with a home delivery service.
14. Bead making and Jewellery retailing
If you have a skill in bead making, this is going to be easy for you. This is a business you can start easily.
You can make bed accessories and sell to people. Selling other pieces of jewellery at a retail price is also profitable.
This business assures you of convenience, minimum risk, and profit maximization.
15. Production of Crafts/ Gift Cards
This is an interesting business you can start with fifty thousand Naira. People embrace handmade gift cards and other crafts like paintings, portraits that can be used to decorate homes.
If you’re skilled in this craft, it becomes easy to make money by making handmade crafts for people and delivering it at their homes.
You can also sell them at local bookshops and supermarkets.
16. Shirt sales
You can sell Nigerian-made shirts at an affordable retail price and still make lots of profit. You don’t need an exorbitant amount of money to start this business.
Producing shirts can also be done by getting a tailor who makes a good shirt, making an agreement that favours you both and start selling.
17. Mobile Phone Accessories Business
This is one of the most common businesses on the streets of large cities in Nigeria. You can start the sales of mobile phone accessories without breaking the bank.
Phone accessories like a charger, pouch, USB cables, ear pods, earphones, memory card, and many other accessories.
18. Production of local drinks like Zobo, Kunu
Selling local drinks is one of the easiest businesses to start, and it is quite lucrative. If you don’t have previous knowledge about the making of these drinks, you can look it up online.
The raw materials are quite cheap. All you need to do is package and market it properly for people.
You stand to make lots of profit from this business idea.
19. Foodstuff retailing
Most people are too busy to visit a large market, so you could start selling raw foodstuffs to these categories of people.
Foodstuffs like rice, beans, wheat, semolina, Garri, and a host of others can be bought at a wholesale store and sold.
Due to the rise in the prices of food in the market, you can start with smaller quantities.
20. Dry cleaning business
Quite a huge number of people have built a successful dry cleaning business over the years, and they’re still thriving.
Not everyone likes to wash or has the time to do their laundry. You can take up this business by getting a mini washing machine, soap and water supply.
Before you know it, you’ll be building a company.
21. Candle Production
The production of candles is a money-spinner, according to research. A sizable group of Nigerians rely solely on candles to battle the erratic power supply.
According to research to produce 16 candles does not take more than ten minutes.
If you don’t have prior knowledge about the production, you can look it up on the internet.
22. Ice production and retailing
The fact that Nigeria has an epileptic power supply is no news, and people who sell drinks get demands for a chilled one. Someone has to provide a way for them to keep their drinks cold.
Running an ice production business will solve this problem. If you already have a freezer, you can start producing ice and selling it to people who run retail beverage and water businesses.
A good generator is all you need to kick-start the business.
23. Sales of beverages/cereals
This is another business you can start with fifty thousand Naira. You can sell beverages like cocoa drinks(Milo, Bournvita, etc.) and cereals (Golden Morn, Cornflakes, Cocoa Pops, etc.) in sachets so you can sell them easily.
Most people in your local area will patronise you once you’re positioned in a busy area.
24. Shoe retailing business
Selling affordable shoes is another business you can start with fifty thousand Naira.
You can start with thrifted shoes if you can’t go for the newly produced ones. Sandals and slippers are also cheap to purchase and sell.
25. Dress and fashion items retailing
You can start by selling fairly used dresses to people till you grow the business to the point where you can sell new ones.
Selling fashion items like brooches, belts, fancy buttons, and handbags is also profitable.
26. Outdoor Catering Services
There’s always a party somewhere, especially during the festive periods. You can offer outdoor catering services.
All you need is to activate your cooking skills.
At the earlier stage of the business, you don’t need to buy the entire kitchen equipment. You can start small by renting the ones you can’t afford with your clients’ deposit.
27. Data Subscription retailing
You can start a data subscription business. All you need to do is sell data to people who don’t know how to subscribe themselves, and you get paid for the service.
Your phone and internet are all you need to make this business a reality.
28. Snail farming and retailing
Snail farming in Nigeria is considered to be one of the most lucrative agro-businesses you can start with low capital. The cost of the structures, breeders and feeds can be handled with fifty thousand Naira.
Learn how to handle the business on the internet and start yours as soon as possible.
29. Sales of cosmetics
If you’ve been nursing your passion for beauty, then starting a cosmetics business in Nigeria is one of the businesses you should start. To excel in the beauty industry, you should engage in thorough research.
Buying and selling cosmetic products that most people that are in high demand at affordable prices will help you make profits faster.
30. Hairdressing for Home Service
Using your skills to make money is one of the best ways to succeed as an entrepreneur. Hairdressing is one of the skills that can never be outdated, especially when you upskill with the trends.
Who says you need a shop to start your business? Use fifty thousand to get the required equipment and offer home services to people.
As long as you’re good at what you do and you market yourself well, you’re in for a great time.
31. Phone Charging Business
There is no news that the supply of electricity to most Nigerians is poor. We’re in the age where almost everyone stays connected through the internet with their mobile devices.
You can take advantage of this is to starting a phone charging business. All you need to do is get a portable generator and an electrician to help you connect some wall sockets to accommodate quite a number of phones.
Make your money by creating hourly rates. Before you know it, you’re smiling at the bank.
32. Sales of Rechargeable Lamps
The poor state of Nigeria’s power system created a space for alternatives, which include portable rechargeable lamps. You can take advantage of this opportunity to start a successful business by selling rechargeable lamps at a very affordable price.
Start with fifty thousand Naira, market to the right people and deliver their request to their locations. With this, your business will become successful in no time.
33. Production of beauty products
If you have a passion for beauty, you can start this business. Since the world is going organic, natural beauty products will make good sales in the market.
To start this business, you’ll need a lot of research. This is to ensure you’re mixing the right fruits and vegetables.
You can start making beauty products like facial creams, liquid or bar soaps and put them for sale.
34. Painting Business
Are you good at painting? You can start a business with fifty thousand Naira or less by painting people’s apartments, offices and shops.
Leverage social media for publicity and building your brand.
35. Fish Fingerlings Sales
The agricultural sector is quite lucrative. Selling fingerlings would bring you a lot of profit, and you don’t have to take an exorbitant loan to start.
The process of producing fingerlings is easy; however, you need to source buyers before production starts. The average price of a batch of fingerlings is fifteen to twenty Naira.
You can buy as much as you want and start taking care of them.
36. Smoothie business
Fruits are not as expensive as food products in the market. You can start a smoothie business with fifty thousand Naira.
All you need is your fruits, good water and your blender. To figure out the procedure, YouTube is your best friend.
Package them in plastic bottles and sell them at an affordable price in several office spaces, schools, compounds and other commercial places.
37. Selling of nuts
There are several kinds of nuts that come at affordable prices. You can be a supplier to those who sell in traffic.
You can also package yours in bottles and sell to people who like to eat nuts or have them in their homes.
38. Sales of men’s underwear
The cost of production of men’s underpants can be as low as N300 at the Aba market. Make a trip there and buy in bulk to sell at a retail price in your city.
All you need to do is schedule a trip to Aba, market your products well on social media and package them well for sales.
You will be surprised at the profit you’ll make on one underwear.
39. Sales of customised sports jerseys
There are lots of sports enthusiasts in Nigeria, especially for football. Football team supporters show support for their team of choice by wearing the team’s jersey.
You can take advantage of fans’ passion and love for the game and their teams by selling different jerseys to their supporters.
Buy in bulk and sell at an affordable price.
40. Bridal Aso-Oke beading and stoning
Someone gets married every Saturday in Lagos. Aso-Oke beading and stoning is one of the latest bridal fashion trends.
You can take up the responsibility of beading and stoning the Aso-Oke to this bride’s taste.
Start by speaking to Aso-oke suppliers, so they can refer you to their customers. You don’t need to break the bank to start this lucrative business.
41. Sales of honey
You can locally harvest honey and sell it to people at a very high rate. Start by visiting villages where honey is harvested and bargaining with them on how to transport it to your location.
Make your money by packaging it well, marketing it and selling it in smaller quantities.
42. Sales of virgin coconut oil
Virgin coconut oil is one of the most sought-after natural oils for beauty enthusiasts. Your customers are people with natural hair and those who prefer natural oils for their skin.
Do your research and visit places in Nigeria where they’re made. Get them in bulk and sell in smaller pieces.
43. Customising T-shirts
Customising T-shirts for people is another business you can start. You don’t even have to be the one doing the prints.
You can give it to a professional printer while you agree on a percentage. But if you have previous knowledge about printing, then you can do this yourself.
44. Talent tutor
Talent tutors are becoming popular as parents are open to the idea of helping their kids build their other talents. From ballet dance to basketball, football, music, drama and making of crafts, you can help children master their talents.
You can go to their houses if you can’t afford to rent a building for this.
45. Car wash business
Going from one house to the other, washing cars is a simple way to launch your business without breaking the bank.
If you can also get a place in your town or city that’s conspicuous and usually busy, it would be a good site to make profits out of a cash wash business.
46. Production of hand sanitiser
The sales of hand sanitiser have gone up a notch as it has become a necessity in our world today.
You can start a business of producing hand sanitiser. All you need conduct research on the materials required for production
This business can start with less than fifty thousand Naira, and you’re in for a lot of profit.
47. Bonnet production
Bonnets are one of the latest fashion trends. Guess what? You can make it yourself and sell it at an affordable price.
If you’re skilled in sewing. Get on the internet and learn how to make a bonnet. Market it properly and you’ll be smiling to the bank in weeks.
48. Dropshipping
Dropshipping is a retail fulfilment method where a store purchases the item from a third party and has it shipped directly to the customer.
To start this business, contact e-commerce stores, check out the products they intend to deliver and take them to the delivery location for a small price.
49. Production of nose masks
Wearing a nose mask is a necessity in today’s world. You can start a business of sewing nose masks and selling them at an affordable price.
You can start this business with fifty thousand Naira.
If you don’t want to sell directly, you can sell to retailers at a wholesale price. This is less stressful than searching for individual customers.
50. Making of crochet wear
This is also one of the most popular fashion trends that took over 2in 020. If you have a skill in knitting, this is one is a plus for you.
The good news is that it’s possible to start this business with fifty thousand Naira.
All you need to do is look up on the internet for popular and lovely styles. Make, market and sell them.
You can also learn how to make crochet wear on YouTube.
Read: 5 Helpful Tips That Will Guide You To Land Your Dream Job
